O Shaughnessy Asset Management LLC Has $1.84 Million Stock Position in Tanger Inc. (NYSE:SKT)

O Shaughnessy Asset Management LLC cut its stake in Tanger Inc. (NYSE:SKT) by 4.8% in the fourth quarter, HoldingsChannel reports. The fund owned 53,808 shares of the real estate investment trust’s stock after selling 2,724 shares during the period. O Shaughnessy Asset Management LLC’s holdings in Tanger were worth $1,836,000 at the end of the most recent reporting period.

Other large investors also recently modified their holdings of the company. Norges Bank bought a new position in Tanger in the 4th quarter worth approximately $22,239,000. JPMorgan Chase & Co. increased its stake in shares of Tanger by 46.1% in the 4th quarter. JPMorgan Chase & Co. now owns 650,060 shares of the real estate investment trust’s stock valued at $22,187,000 after buying an additional 205,159 shares during the period. Barclays PLC raised its position in shares of Tanger by 174.7% during the third quarter. Barclays PLC now owns 240,281 shares of the real estate investment trust’s stock worth $7,973,000 after acquiring an additional 152,796 shares during the last quarter. Raymond James Financial Inc. acquired a new position in shares of Tanger during the fourth quarter valued at $4,972,000. Finally, Thrivent Financial for Lutherans boosted its holdings in Tanger by 33.1% in the fourth quarter. Thrivent Financial for Lutherans now owns 557,168 shares of the real estate investment trust’s stock valued at $19,016,000 after acquiring an additional 138,456 shares during the last quarter. 85.23% of the stock is currently owned by institutional investors and hedge funds.

Tanger Trading Down 3.5 %

SKT opened at $30.56 on Friday. Tanger Inc. has a twelve month low of $25.94 and a twelve month high of $37.57. The firm has a market cap of $3.44 billion, a PE ratio of 35.13, a price-to-earnings-growth ratio of 2.97 and a beta of 1.88. The company has a debt-to-equity ratio of 2.09, a quick ratio of 0.13 and a current ratio of 0.44. The firm’s fifty day moving average is $33.64 and its two-hundred day moving average is $34.05.

Tanger (NYSE:SKT) last posted its earnings results on Wednesday, February 19th. The real estate investment trust reported $0.54 earnings per share for the quarter, topping the consensus estimate of $0.52 by $0.02. Tanger had a return on equity of 16.16% and a net margin of 18.65%. The firm had revenue of $132.17 million for the quarter, compared to analyst estimates of $129.10 million. Equities research analysts anticipate that Tanger Inc. will post 2.24 EPS for the current year.

Tanger Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Friday, February 14th. Investors of record on Friday, January 31st were paid a dividend of $0.275 per share. The ex-dividend date was Friday, January 31st. This represents a $1.10 dividend on an annualized basis and a yield of 3.60%. Tanger’s payout ratio is 126.44%.

Wall Street Analysts Forecast Growth

A number of research analysts have issued reports on the stock. The Goldman Sachs Group upgraded shares of Tanger from a “neutral” rating to a “buy” rating and upped their target price for the company from $39.00 to $40.00 in a research report on Friday, March 28th. Deutsche Bank Aktiengesellschaft assumed coverage on shares of Tanger in a research note on Tuesday, December 17th. They issued a “hold” rating and a $37.00 price objective on the stock. Finally, BMO Capital Markets started coverage on shares of Tanger in a research report on Tuesday, January 28th. They set a “market perform” rating and a $36.00 target price for the company. Four research analysts have rated the stock with a hold rating and four have assigned a buy rating to the company’s stock. According to MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus price target of $36.63.

Insiders Place Their Bets

In other Tanger news, COO Gallardo Leslie Swanson sold 12,500 shares of the stock in a transaction dated Tuesday, March 11th. The stock was sold at an average price of $32.38, for a total transaction of $404,750.00. Following the completion of the transaction, the chief operating officer now owns 113,158 shares in the company, valued at approximately $3,664,056.04. This represents a 9.95 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Corporate insiders own 5.80% of the company’s stock.

Tanger Profile

Tanger Inc (NYSE: SKT) is a leading owner and operator of outlet and open-air retail shopping destinations, with over 43 years of expertise in the retail and outlet shopping industries. Tanger’s portfolio of 38 outlet centers, one adjacent managed center and one open-air lifestyle center comprises over 15 million square feet well positioned across tourist destinations and vibrant markets in 20 U.S.